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Most Americans planning on saving or investing tax refunds

tax

ST. LOUIS, MO (KTVI) –  It’s that time of year when many of us are busy getting our W2’S and taxes ready. For some that means a refund, but what should you do with the money?

A survey done by TD Ameri-Trade shows that overwhelmingly Americans plan to save their tax refunds this year. 61 percent will save or invest, while 21 percent will pay off debt, another 18% will spend on necessities and 19% will make non-essential purchases.

The average refund last year was $2,744. Most people seem eager to get their taxes done. The majority of Americans, 62%, say they will file their taxes well before the deadline.